Monday, February 25, 2013

BlackRock Jumps Ahead of JP Morgan in Copper ETF Race (BLK; JPM)

From Reuters:

BlackRock could eventually take 121,000 tonnes of copper to back product
* BlackRock's copper ETF pool double the size of rival JPM product

BlackRock Inc, the world's largest money manager, has won approval from the U.S. securities regulator to list a copper-backed exchange-traded fund, potentially moving ahead of JPMorgan whose listing of a similar product has been delayed by industry objections.

The U.S. Securities and Exchanges Commission approved a proposed rule change to list and trade shares of the iShares Copper Trust on NYSE Arca, it said on its website (

The launch of copper ETFs are intended to give large U.S.-based funds easier access to the copper market, but some industrial users worry that such products will remove a large chunk of the metal from the market and inflate prices....MORE